In April 2018, consumer prices rose by 0.2% over one month and by 1.6% year on yearConsumer price index - final results - April 2018

In April 2018, the Consumer Prices Index (CPI) decelerated to +0.2% over one month, after a rebound in March (+1.0%). This slowdown resulted from those, marked and seasonal, in “manufactured product” prices (+0.1% after +2.1%) after a rebound in March due to the end of winter sales. The prices of services (+0.1% after +0.4%) and food (+0.1% after +0.4%) rose less than in March too. On the other hand, energy prices sharply rebounded (+0.9% after −0.7%) in the wake of petroleum product prices.

Informations rapides
No 124
Paru le : 15/05/2018
Prochaine parution le : 14/06/2018 at 08:45 - May 2018

Monthly change: 0.2% in April; Year-on-year change: +1.6%

In April 2018, the Consumer Prices Index (CPI) decelerated to +0.2% over one month, after a rebound in March (+1.0%). This slowdown resulted from those, marked and seasonal, in “manufactured product” prices (+0.1% after +2.1%) after a rebound in March due to the end of winter sales. The prices of services (+0.1% after +0.4%) and food (+0.1% after +0.4%) rose less than in March too. On the other hand, energy prices sharply rebounded (+0.9% after −0.7%) in the wake of petroleum product prices.

Seasonally adjusted, consumer prices slowed down: +0.1% after a +0.5% rebound in March.

Year on year, consumer prices increased by 1.6%, as in the previous month. Energy prices sharply accelerated and those of food rose barely more than in March. Services prices rose at the same pace than in the previous month and those of “manufactured products” fell as in March.

Slight drop in core inflation year on year

Year on year, core inflation barely dropped: +0.8% after +0.9% in the previous month. The Harmonised Index of Consumer Prices (HICP) sharply slowed down to +0.2% after +1.1% in March; year on year, it grew by 1.8%, after +1.7% in the previous month.

Acceleration in energy prices year on year

Energy infation sharply gathered pace in April 2018 (+6.3% year on year after +5.0%), due to a stronger rise in petroleum product prices (+10.7% year on year after +8.1%) in the wake of Brent prices and the implementation of the TICPE for liquid fuels (butane, propane) since the 1st April. On the other hand, gas prices slightly slowed down (+0.5% year on year after +0.8%).

Table1 – Detailed figures for various groups

2015: 100
Detailed figures for various groups
Items Weight Index Percentage change
2018 April 2018 m-on-m change(2) y-on-y change(3)
a) All households
Overall 10000 102.92 0.2 1.6
Overall SA(1) 10000 102.73 0.1 1.7
Food 1627 102.72 0.1 1.6
Fresh food 243 109.76 −0.1 3.9
Other food 1384 101.59 0.1 1.2
Tobacco 193 119.96 0.0 16.5
Manufactured products 2594 99.41 0.1 −0.3
Clothing and footwear 416 103.64 0.8 −0.6
Medical products 425 92.84 −0.3 −2.4
Other manufactured products 1753 100.06 0.0 0.2
Energy 777 110.54 0.9 6.3
Petroleum products 408 116.54 2.0 10.7
Services 4809 103.08 0.1 1.4
Actual rentals and services for dwellings 764 101.69 0.0 0.5
Health services 617 102.40 −0.2 1.7
Transport 282 102.99 4.4 1.2
Communication 223 99.12 0.0 −0.5
Other services 2923 103.93 −0.2 1.7
Total except rents and tobacco 9192 102.71 0.2 1.4
Total except tobacco 9807 102.59 0.2 1.3
b) Urban working-class households or households of employees
All products excluding tobacco 9706 102.46 0.2 1.3
c) Households that belong to the lowest equivalized disposable income quintile - France
All products excluding tobacco 9700 102.36 0.3 1.3
  • (1) seasonally adjusted
  • (2) [m/(m-1)]
  • (3) [m/(m-12)]
  • Geographical coverage: France excluding Mayotte
  • Source: INSEE - Consumer Price Indices

Slight rise in food inflation

In April 2018, food prices rose by 1.6% year on year, barely more than in March (+1.5%). The prices of fresh products sharply accelerated after a rebound in March (+3.9% year on year after +2.8%), in line with a stronger rise in prices of fresh fishes (+2.4% after +1.0%), fresh vegetables (+5.8% after +4.2%) and fresh fruits (+6.8% after +6.2%). Excluding fresh products, food prices were up by 1.2% year on year, as in February and March.

Tobacco prices increased by 16.5% year on year after +16.6% in March.

Stability in services inflation

Year on year, services prices rose by 1.4% as in March. Airfares sharply fell back (−0.9% year on year after +1.0%): over a month, the seasonal rebound was less pronounced than in April 2017 (+9.0% against +11.1%). Moreover, the prices of health services (+1.7% year on year after +2.0%), those of actual rentals and services for dwellings (+0.5% after +0.6%) and accommodation services (+3.2% after +5.6%) slowed down. On the other hand, the prices of passager transport by road strongly gathered pace (+4.3% year on year after +1.8%): air and rail transport users have turned to these services due to strikes. Insurance prices rose too stronger (+2.3% after +2.0%). Lastly, communication services prices decreased by 0.5% year on year, as in March.

Further drop in manufactured products prices year on year

Year on year, “manufactured product” prices dropped by 0.3% for the second consecutive month. Clothing and footwear prices dropped a little more than in March (−0.6% year on year after −0.5%), due to a slowdown in footwear prices (+0.1% after +0.6%) whereas clothing prices dropped by 0.8% as in March. The prices of “other manufactured products” barely decelerated (+0.2% year on year after +0.3% in the four previous months). Motor cars prices rose more moderately (+1.0% year on year after +1.2%) and those in furniture were stable after +0.2% in March. The drop in information-processing equipment prices was stronger (−4.0% after −3.6%). On the other hand, household appliances prices fell less than in the previous month (−1.2% year on year after −1.9%), as prices in equipment for sport (−0.4% after −0.6%). Moreover, heatlh product prices dropped at the same pace as in February and March (−2.4% year on year).

Graph1 – Consumer Price Index (CPI), core inflation (ISJ) (1) and Harmonised Index of Consumer Prices (HICP) (2) year-on-year changes

Table2 – Detailed figures for Core inflation (1) and HICP (2)

2015: 100
Detailed figures for Core inflation (1) and HICP (2)
Items Weight Index Percentage change
2018 April 2018 m-on-m change(3) y-on-y change(4)
Core inflation - All items 6041 101.84 0.1 0.8
Food excluding fresh products, meat, milk and exotic products 740 101.08 0.0 0.7
Manufactured products 2125 99.80 0.1 0.1
Services including actual rentals and services for dwellings 3176 103.42 0.1 1.4
HICP - All items 103.43 0.2 1.8
  • (1) Core inflation indicator excludes public sector prices, the most volatile consumer prices and the tax measures. Seasonally adjusted, this index is calculated for all households in France excluding overseas departments and territories. (in French “indice d'inflation sous-jacent - ISJ”)
  • (2) HICP: Harmonised Indices of Consumer Prices are inflation figures designed for international comparison between Member states of the European Union. This index is calculated for all households in France excluding Mayotte.
  • (3) [m/(m-1)]
  • (4) [m/(m-12)]
  • Source: INSEE - Consumer Price Indices

Revisions

Compared with the provisional estimates published on April 27, 2018, the month-on-month changes in the CPI and in the HICP are up by 0.1points. Their year-on-year changes are confirmed.